Yeah, been there done that.
Previous boat was all wood, teak and mahogney, and I used penetrol mixed with varnish for the first coat so it would soak in good,.
The ultimate test was my main boom:
Removed all the bronze strips fastened with 500 little bronze screws. (Before the age of cord-less screwdrivers..Had big blisters
in my hands instead.)
Stripped the boom then applied 12 coats of varnish startiing with Penetrol...Sanding lightly with 220 grit bethween the coats.
2 weeks later the boom went back aboard the boat and lasted a long time.
Sold the boat after 3 years, boom was like brand new, met the boat 10 years later and the boom still looked good.
(Yes, the mailsail covered up the boom most of the time, but still, any varnish lasting that long in the Virgin Islands
are doing good, especially 10 years later.)
Penetrol is good stuff and will also do wonders on Stainless Steel
as well as wood.